PANJIM: Corporation Bank and Life Insurance Corporation of India (LIC) have signed a Memorandum of Understanding (MoU) for implementing Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), the central government’s ambitious scheme to bring the entire nation under the ambit of Insurance coverage.
Under PMJJBY, Bank’s Adhar-linked Savings account holders will be eligible for life Insurance up to Rs 2,00,000 for nominal premium of Rs 330 plus Service Tax per annum. A master policy under Group Insrance Scheme, which is voluntary for the customers will be issued by LIC. The eligible age of the customer shall be between 18 years and 50 years. Enrolment period will be from first June 2015 to August 31, 2015 or as extended by the Govt of India.
